Income Tax Law and Practice MCQ Questions with Answers

Income Tax Law and Practice MCQ Questions with Answers

Income Tax Law and Practice MCQ Questions with Answers are useful for the preparation of academic and competitive examinations.

Are you preparing for an exam that requires a knowledge of Income Tax Law and Practice MCQs? If so, you have come to the right place!

This article is designed to provide you with questions and answers for Income Tax Law and Practice MCQs. By reading this article, you will learn about the key concepts associated with the subject of income tax law and practice.

Additionally, you will be able to take practice quizzes in order to test your understanding of the topics covered.

Income Tax Law and Practice MCQ

What is Income Tax Law and Practice

Income tax law and practice is a complex system that governs how individuals and businesses pay taxes on their income. The income tax system is designed to ensure that everyone pays their fair share of taxes, based on how much they earn.

Understanding income tax law and practice is crucial for anyone who earns an income, as it can have significant financial implications.

At its core, the income tax system works by requiring individuals and businesses to report all of their taxable income to the government each year. This includes wages, salaries, tips, bonuses, capital gains from investments, rental income from property ownership or any other type of earned or unearned money.

The government then uses this reported information to calculate how much each individual or business owes in taxes.

Complying with the rules of the income tax law and practice can be challenging for many people due to its complexity.

Income Tax Law and Practice MCQ with Answers

Q1. ENIAC stands for ___
a. Easy Numerical integrator and calculator
b. Electronic Number interface and calculator
c. Electronic Numerical integrator and calculator
d. Electronic Numerical interface and circuit
Ans: c

Q2. The World’s first computer-specific statute was enacted in ___ by the German Status, in the form of a Data Protection Act.
a. 1976
b. 1990
c. 1970
d. 1981
Ans: c

Q3. The film ___ is claimed to be the first movie to exist purely within a digital environment.
a. Avtaar
b. Toy story 2
c. 2012
d. Roadside Romeo
Ans: b

Q4. Cyberspace term was coined by ___
a. Griffin
b. William john
c. William Gibson
d. Dennis
Ans: c

Q5. Laws relating to broadcasting, the medial data protection ___ have a role to play as do provisions of criminal law.
a. evidence
b. contract
c. defamation and intellectual property
d. all of the above
Ans: d

Q6. The first artificial satellite ___ was launched in 1957 to great consternation in the US defense establishment.
d. sputnik
Ans: d

Q7. ARPA stands for
a. Automatic Research Projects Access
b. Advanced Research Projects Agency
c. Automatic Research Projects Animated
d. Advanced Resource Periodic Agency
Ans: b

Q8. E-commerce is a new way of conducting, managing, and executing business transactions using modern information technology.
a. True
b. False
Ans: a

Q9. WTO means ___
a. World trade organization
b. World tactic office
c. Work trade organization
d. Work time office
Ans: a

Q10. E-commerce is commerce based on ___
a. bits
b. Kilobytes
c. Megabytes
d. bytes
Ans: d

Q11. The main Instruments of e-commerce that have been recognized by WTO are ___ and the internet
a. telephone
b. Fax & TV
c. Electronic payment and money transfer systems
d. all of the above
Ans: d

Q12. ___ ensures encrypted passage over the internet for the credit card data
a. E-cash
b. Cybercash
c. online pay
d. none of the above
Ans: b

Q13 A new system of credit card transactions over the internet is being currently developed jointly by Visa and MasterCard with technical assistance from the internet information system and cryptology companies like Netscape, IBM it is known as secure electronic transaction
a. True
b. False
Ans: a

Q14. UNCITRAL stands for ___
a. union national commission on international training law’s
b. united nations commission on international trade law’s
c. united nations commission on interactive trading law’s
d. unlimited new commission on interactive training law’s
Ans: b

Q15. WIPO means ___
a. world intellectual property organization
b. wide intelligent property organization
c. weak interactive periodic organization
d. world interactive periodic organization
Ans: a

Q16. cyberlaw is not important as it touches almost all aspects of transactions and activities concerning the internet the world wide web and cyberlaw
a. True
b. False
Ans: b

Q17. Computer network means the interconnection of one or more computers through the use of ___
a. satellite
b. microwave
c. terrestrial line and communication media
d. all of the above
Ans: d

Q18.short title extent commencement and application act this act may be called the information technology act 2000
a. Correct
b. Incorrect
Ans: b

Q19. “computer crimes” refers to all crimes done through involving or impacting any
a. computer
b. computer system
c. computer network
d. all of the above
Ans: d

Q20. Cybercrime refers to all the activities done with criminal intent in cyberspace or using the medium of the internet.
a. True
b. False
Ans: b

Q21. ___ and harassment are problems that many persons especially women are familiar with within real-life
a. mental torture
b. cyberstalking
c. stalking
d. both 2 and 3 are correct
Ans: d

Q22. The agreement that creates ___ obligations only are contracts
a) Relationship
b) Illegal
c) Legal
d) None of the above

Q23 ___ warranties mean In every contract of sale there is an implied warranty that the buyer shall have enjoy quiet possession of goods
a. Applied
b. Implied
c. supplied
d. all of the above
Ans: b

Q24. The “term of trade” of a country is influenced by factors ___
a. Effect of tariff
b. Effect of devaluation
c. Effect of capital movement and transfer of capital
d. all of the above are correct
Ans: d

Q25. The main objectives of imposing trade barriers are ___
a. To protect domestic industries from foreign competition
b. To guard against dumping
c. To promote indigenous research
d. all of the above
Ans: d

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